Closing Bell: Sensex ends over 100 points higher, Nifty closes at almost record high

The Sensex closed up 123.78 points at 31369.34, while the Nifty ended 36.95 points higher at 9674.55

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3:30 pm Market at Close: Equity benchmark indices ended the session on a positive note, but it trimmed some of its gains from the afternoon session. The Nifty ended above 9650-mark after clocking 9700 during the day’s trade.

The Sensex closed up 123.78 points at 31369.34, while the Nifty ended 36.95 points higher at 9674.55. The market breadth was narrow as 1529 shares advanced against a decline of 1179 shares, while 133 shares were unchanged.

State Bank of India, ITC, and Bharti Infratel gained the most, while Baja Auto, Mahindra and Mahindra and Hindalco lost the most.

 3:27 pm Buzzing: Shiva Cement shares continued to reel under selling pressure, falling 10 percent for the second consecutive session.

At 15:16 hours IST, the stock price was quoting at Rs 27.15, down Rs 3.00, or 9.95 percent and there were pending sell orders of 2,150,928 shares, with no buyers available.

However, in previous six consecutive sessions, it shot up nearly 62 percent, especially after the new promoter - JSW Cement raised its stake in the company to over 50 percent.

JSW Cement increased its total shareholding in Shiva Cement to 53.47 percent from 50.33 percent earlier.

In January, JSW Cement had bought 35.62 percent shareholding in Shiva Cement from its promoter, and then it has been gradually increasing stake.

3:15 pm Market Check: Benchmark indices were off day's highs in late trade, especially after reclaiming 9,700 level.

The 30-share BSE Sensex was up 105.03 points at 31,350.59 and the 50-share NSE Nifty gained 30.65 points at 9,668.25.

3:00 pm Merger: The IDFC group and Shriram group are exploring options to merge various businesses to create a financial powerhouse worth of over USD 10 billion, sources told CNBC-TV18.

An announcement is likely to be made on July 8.

2:45 pm Buzzing: Cyient shares gained nearly 2 percent intraday on signing a non-exclusive business alliance agreement with Kii Corporation to explore business opportunities around smart city deployments.

Through this agreement, the IT company and Kii have decided to jointly pursue business opportunities globally, by leveraging their complementing skills and strengths

"The partnership will combine Cyient's domain expertise and geospatial capabilities with Kii's internet of things platform to develop connected solutions through smart devices and applications. Under the terms of agreement, Cyient will also provide Kii with project delivery and implementation services," the software company said in its filing.

2:31 pm Market nears fresh record highs: Sensex is now less than 80 points away from record high levels, while the Nifty is less than 15 points away from this point. ITC, HDFC twins contributed nearly 23 points to the Nifty’s lead.

2:25 pm HPCL-ONGC merger? According to reports by CNBC Awaaz, the Divestment Department has issued a Cabinet note on merger of HPCL with ONGC. An in-principle approval will be taken for 51 percent stake sale in HPCL to ONGC, the report added. The nod will be taken in order to hand over HPCL’s management control to ONGC and this divestment could be done through a strategic sale. A core group of secretaries approved the divestment in HPCL on June 20.

Further, the report added that a group of ministers will be formed to frame share sale guidelines, price and time frame of the merger and it is believed that finance, road and oil minister will be a part of this group.

At 14:27 hrs Hindustan Petroleum Corporation was quoting at Rs 517.75, up Rs 1.65, or 0.32 percent. Meanwhile, At 14:27 hrs Oil and Natural Gas Corporation was quoting at Rs 162.40, down Rs 0.25, or 0.15 percent.

2:15 pm Market Check: Equity benchmark indices extended their gains from the morning session, with the Sensex gaining over 200 points, while the Nifty neared 9700-mark.

The Sensex was up 205.00 points at 31450.56, while the Nifty was up 59.25 points at 9696.85. The market breadth, however, was narrow as 1650 shares advanced against a decline of 950 shares, while 127 shares were unchanged.

State Bank of India, ITC and Indiabulls Housing were the top gainers on both indices, while Bajaj Auto and Sun Pharma lost the most.

Midcaps continued to gain, while among niche indices on the Nifty, PSU banks gained the most, followed by FMCG stocks.

Also Read: PSU banks rally 2-5% as analysts upgrade PNB, Bank of Baroda after recent steep fall

2:00 pm Investment bankers for Reliance Nippon Life IPO: Investment banking firms CLSA and JM Financial have emerged as front runners for Reliance Nippon Life Asset Management's (RNAM) proposed initial public offering, according to industry sources.
The asset manager has so far shortlisted two names for its proposed IPO and two investment banking units have made attractive offers

to clinch the mandate for drawing a roadmap, according to sources.

On June 8, Reliance Nippon Life Asset Management (RNAM) had announced that it received approval from its board of directors for an initial public offer of AMC which would be subject to necessary regulatory and corporate approvals.

Also Read: Monsoon, earnings key for markets; 4 stocks which can give up to 29% return in 6 months

1:45 pm Market Check: Equity benchmarks as well as broader markets continued to gain in afternoon trade, backed by banking & financials stocks.

The 30-share BSE Sensex was up 149.97 points at 31,395.53 and the 50-share NSE Nifty rose 44.30 points to 9,681.90 while the BSE Midcap index gained 0.5 percent.

SBI, BHEL, Coal India, ITC, Bharti Airtel, Indiabulls Housing and Bank of Baroda were top gainers, up 1-4 percent.

Bajaj Auto, Sun Pharma, ONGC, Axis Bank, TCS, IOC and GAIL were losers.

1:15 pm Sobha posts strong growth: Strong start to the FY18 and overweight rating by JP Morgan helped Sobha shares rally nearly 7 percent intraday Thursday, though analysts feel RERA and GST might impact the company in short term.

Good growth in Q1 pre-sales data not only boosted Shobha but also other realty stocks like Prestige Estates, Unitech, DLF, HDIL, Oberoi Realty that surged 2-5 percent.

The Bangalore-based real estate firm has begun the financial year 2017-18 on a positive note by reporting 12.7 percent growth in sales volume and 11.9 percent in total sales value in June quarter QoQ without any new project launches.

"We continue to perform well in our principal market, Bangalore. While the Gurgaon market continues to gain momentum, we believe that the performance of other markets such as Kochi will improve going forward," Sobha said in its statement.

The company achieved new sales volume of 8.15 lakh square feet total valued at Rs 623.4 crore with an average realisation of Rs 7,647 per square feet, compared with sales volume of 7.2 lakh square feet in previous quarter and 8.09 lakh square feet in corresponding period of last fiscal.

12:58 pm Oil recovers: Oil prices recovered some ground on strong demand in the United States, but analysts cautioned that oversupply would continue to drag on markets after a steep fall in the previous session.

Brent crude futures were trading up 1.13 percent, at USD 48.33 per barrel while US West Texas Intermediate (WTI) crude futures were up 1.17 percent, at USD 45.66 per barrel.

12.41 pm Market Check: Equity benchmarks continued to hold morning gains, backed by banking & financials, auto, infra stocks and ITC.

The 30-share BSE Sensex was up 153.80 points at 31,399.36 and the 50-share NSE Nifty rose 42.45 points to 9,680.05.

The market breadth remained strong as about two shares gained for every share falling on the BSE.

Markets in Europe opened higher as investors digested minutes from key central banks and follow geopolitical events.

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